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It's a surprisingly hard threat to model against. For example, sure, don't store your funds on an exchange and they can't get in with a SIM swap, but when they
by smeej 2y ago
It's a surprisingly hard threat to model against.
For example, sure, don't store your funds on an exchange and they can't get in with a SIM swap, but when they're in your house, that doesn't help you.
You could store your funds with a multisig wallet and make sure you don't have access to enough keys at home to move the funds, but how do you make them believe you?
You can have one or more decoy wallets you can "cave" and give them access to if you think it might buy your freedom, but once you start, again, why would they believe you?
Do you just acknowledge that they won't believe you,that they are going torture you regardless? And at least make sure you or your heirs have the money if any of you survive?
There really isn't a good way out of this.
- spencerchubb 2y agoMultisig wallet where you and your spouse both have to sign. In case one dies, the multisig can expire after a certain amount of time and let you access with just one key Of course this assumes you have a spouse
- lmz 2y agoMaybe if the exchanges didn't require KYC or phone, there would be no way of knowing where they live just from the exchange account.
- koolba 2y ago> There really isn't a good way out of this. The answer is to live anonymously. Don’t flash the cash.
- flarex 2y agoIt's becoming increasingly difficult. Data leaks, address and name leaks and chain analysis have made it easier to track who owns what. If crime agencies are able to track wallets down then criminals are too.
- throwawayffffas 2y agoMaybe if your money is not on a public blockchain you don't have to worry about chain analysis.
- CaptainOfCoit 2y agoOnly the your onramp/offramp would need to know who you are (because of KYC/AML), otherwise you can be as anonymous as you want and it really isn't hard, assuming you don't want to hide from your onramp/offramp.
- valicord 2y agoUnless of course you want to use your hard earned crypto to buy tangible things over the Internet.
- CaptainOfCoit 2y agoWhy unless? Say you have 1 ETH in Wallet A, if you transfer it to your on/offramp (the exchange) and then do Wallet B, the only link between Wallet A and B is only known by the exchange, so you'll remain private (publicly, again assuming you don't want to hide from the exchange).
- 2y ago
- justinclift 2y ago> There really isn't a good way out of this. Reputable private security?
- ghaff 2y agoWell, sure. So how much do you now spend on reputable private security and how many restrictions do you place on the movements of you and your family?
- justinclift 2y agoNot really sure what the question is? It doesn't seem to be uncommon for wealthy people to need private security. It seems like some of the crypto-types are learning why the hard way. Is that going to cramp their style? Well sure, that's part of the consequences of their choices.
- flarex 2y agoThe decoy method doesn't even work because a smart criminal could just check your exchange withdrawals for amounts. You'd have to hope that they were ignorant enough.
- kurthr 2y agoPut it on a physical drive in a safe deposit box.
- the__alchemist 2y agoSafe deposit boxes are not be as safe as you think.
- bufferoverflow 2y agoSo put in an encrypted form, the password is in your head. Use 2 or 3 safety deposit boxes, they are very cheap.
- SV_BubbleTime 2y agoThe faintest of ink will outlast the best of memory.
- smeej 2y agoThat's not remotely true. I get a receipt from a specific service provider every week that I could easily recreate from memory, but the ink fades within a month.
- bruce511 2y agoNot to be flippant, but your head is not terribly secure either. Coercion is a thing, and despite what you see in the movies, you'd be surprised at how fast you offer the password. But perhaps more certainly, you will at some point die, and it's probable you will do so lacking the capacity to pass the code on to your heirs. So if you want your wife and family to jnherit, well, you may want to rethink. And that's before we discuss thd uselessness of crypto as currency where you have to go to your safe deposit box to spend any of it.
- bufferoverflow 2y agoYou misunderstood. Since your keys are stored encrypted in a safety deposit box, it doesn't matter if you're forced to tell your password to some random thug - they don't have access to your keys. You can also put your password in your will, if you're afraid of not passing it to your family.
- jncfhnb 2y agoHow about a trusted third party that adds a little bit of friction for suspicious transfers of large volumes of money?
- SV_BubbleTime 2y agoHmm. Maybe like the group holding your assets has a centralized check and control system? Like they could operate physical locations and have staff? A novel concept.
- atty 2y agoPerhaps these groups could be regulated and insured by an even larger entity, perhaps even one with the authority to punish individuals and organizations for wrongdoing?
- tenuousemphasis 2y agoWith Bitcoin, you could create that third party in a trust minimized way, something impossible to do with the banking system. For instance, if the third party refuses to authorize a legitimate transaction, you have a third key you keep offline somewhere that can be used to force a transaction through.
- xelamonster 2y agoThen your third key would be vulnerable to the same $5 wrench attack as your seed phrase is now.
- jncfhnb 2y agoAnd if you lose the third key you are now beholden to the third party with no recourse
- xelamonster 2y agoGreat idea! Those things cost money though and users won't like paying up-front--they'll have to be sure to make up costs with obscene fees, the more obfuscated the better. To minimize pushback on the fees they should consider focusing them on the most disadvantaged users, since they're least likely to be able to do anything about it. Isn't it a great system?
- dambi0 2y agoInsurance?
- throwawayffffas 2y agoYou could custom program a canary wallet. When the wallet makes a transfer it automatically calls 911 and sends the cops to your house or your phones location.
- csomar 2y agoYou can have timed transactions with Bitcoin. That is the transaction will only be valid after xxxx date. You do, however, need to keep creating transactions to keep pushing the date further.